Key Man Life Insurance definition
Examples of Key Man Life Insurance in a sentence
The Company may apply for and obtain and maintain a Key Man Life Insurance policy in the name of the Executive in such amount as the Company may determine, the beneficiary of which shall be the Company.
This excludes from allowable cost Key Man Life Insurance and benefits made available only to an exclusive number of employees, including the owner of the facility.
Premiums on any such Key Man Life Insurance policies shall be paid by the Company, and the Company shall be the beneficiary under such policies.
The Company may maintain, at its option and expense, Key Man Life Insurance (the "Policy") on the life of Executive for the benefit of the Company with a benefit of $2,000,000.
The Company may maintain, at its expense, Key Man Life Insurance (the "Policy") on the life of Employee for the benefit of the Company with a benefit of One Million Dollars ($1,000,000).